A Quote by Didier Sornette
When herding behaviour among investors ramps up, a stock's or index's growth rate can increase faster than exponentially, leading to more herding. This positive feedback brings the system to a tipping point. About two-thirds of the time, a crash results.
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The biggest was me running Lionhead at its peak. That was about 305 people. I'd say that was, for me as a creative, one of the most hellish times of my life. Normally running a team is like herding cats. This was like herding the entire African plains.
We were talking about the kissing in the movie just recently. Clearly, it's pretty challenging material, but Ang said two men herding sheep was far more sexual than two men having sex on screen.
Our standard prescription for the know-nothing investor with a long-term time horizon is a no-load index fund. I think that works better than relying on your stock broker. The people who are telling you to do something else are all being paid by commissions or fees. The result is that while index fund investing is becoming more and more popular, by and large it's not the individual investors that are doing it. It's the institutions.
The tradition I was born into was essentially nomadic, a herdsmen tradition, following animals across the earth. The bookshops are a form of ranching; instead of herding cattle, I herd books. Writing is a form of herding, too; I herd words into little paragraph-like clusters.
The most important benefit of population size and growth is the increase it brings to the stock of useful knowledge. Minds matter economically as much as, or more than, hands or mouths.
The war on drugs has been the engine of mass incarceration. Drug convictions alone constituted about two-thirds of the increase in the federal prison population and more than half of the increase in the state prison population between 1985 and 2000, the period of our prison system's most dramatic expansion.
In the 1987 stock market crash, according to the conclusions of the official Brady report, colossal sales of stock index futures by so-called portfolio insurers - whose investment strategies depended entirely on these derivatives - greatly exacerbated the 500-point market decline.
iStockphoto was revolutionizing the stock photography industry, establishing a whole new business model and democratizing stock art for everyone. It made sense for the industry-leading stock image company to take iStock to the next stage of growth, serving all markets at every price point.
Seven is more than a lucky number or a famous baseball player's uniform. It's the brain's natural shepherd, herding vast amounts of information into manageable chunks.
We need a federal government commission to study the way our financial services system is working - I believe it is working badly - and we also need more educated investors. There are good long term low-priced mutual funds - my favorite is a total stock market index fund - and bad short term highly priced mutual funds. If investors would get themselves educated, and invest in the former - taking their money out of the latter - we would see some automatic improvements in the system, and see them fairly quickly.
In a contest between new technology and old ways of life, it is the traditional rhythms that will hold. Traditional societies make up more than two-thirds of the world, the two-thirds that will not be going online to "save" time but will remain wedded to the knowledge that if the bus doesn't come that day, it will come someday. After all, there is nothing but time.
By maintaining an active feedback system at every stage of a startup, founders can reduce their burn rate, increase their virality coefficient, and retain key hires.
Women now make up approximately half of the workforce - very positive. Two-thirds of all families are either headed by a single-head of household or two working parents, and particularly in this economically challenging time, that second income is more important than ever. However, women are still only earning 75 percent of what men are earning.
The rate of growth of the relevant population is much greater than the rate of growth in funds, though funds have gone up very nicely. But we have been producing students at a rapid rate; they're competing for funds and therefore they're more frustrated. I think there's a certain sense of weariness in the intellectual realm, it's not in any way peculiar to economics, it's a general proposition.
Experience conclusively shows that index-fund buyers are likely to obtain results exceeding those of the typical fund manager, whose large advisory fees and substantial portfolio turnover tend to reduce investment yields. Many people will find the guarantee of playing the stock-market game at par every round a very attractive one. The index fund is a sensible, serviceable method for obtaining the market's rate of return with absolutely no effort and minimal expense.
I brought a Border Collie back home to Vancouver from Wales - where some of my ancestors are from - and needed to challenge him in other ways than just being my pet. So I investigated sheep herding and took a few lessons, and decided I was probably learning more than my dog!
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